What is the difference between closing a current account and switching?
To close an account:
- Ensure the balance on your account is zero (€0.00) by withdrawing any credit balance or lodging sufficient funds to repay any debit balance on your account before requesting to close your account.
- You have processed an Account Closure Request form online.
- Once the Account Closure Request form has been processed your debit card will be blocked so no further transactions will be permitted.
- Any pending transactions may also be cancelled once the Account Closure Request form has been processed.
- As you have cancelled all your direct debits and standing orders before submitting the Close Account Request you will need to set them up again using your new account details.
- Your account will close permanently.
To switch an Account:
- You start the switching process with the bank you are moving to. This is known as the beneficiary bank.
- You do not have to complete an online account closure form.
- Existing standing orders and direct debits will be moved to the new account. This is arranged by your beneficiary bank.
- Any remaining funds in your Bank of Ireland account are transferred to the Republic of Ireland bank account of your choice - the beneficiary account.
- Your Bank of Ireland account will close permanently.
Switching applies to banks in the Republic of Ireland only. As switching is performed by the beneficiary bank all queries should be addressed to their switching team.